Gold rises to record high after Trump’s Greenland tariff threats

Spot gold climbed 1.4% to $4,660.81 an ounce as of 7:08 am in Singapore

Gold rose to a record high after US President Donald Trump said he would slap tariffs on eight European nations that have opposed his plan to take Greenland.

Trump announced a 10% tariff on a goods from countries including France, Germany and the UK, which would kick in on Feb. 1 and rise to 25% in June. (Reuters/Representational image)

Trump announced a 10% tariff on a goods from countries including France, Germany and the UK, which would kick in on Feb. 1 and rise to 25% in June. The move sparked fears of retaliation from Europe, which could lead to a major trade war, supporting haven demand for precious metals.

Spot gold climbed 1.4% to $4,660.81 an ounce as of 7:08 a.m. in Singapore, after touching a peak of $4,662.30. Silver advanced 2.7% to $92.5145.